On the log scale, long term uptrend line shown in black shows that yesterdays dive took us right to the intersection of it...see chart pic below for more upclose view. This also coincides with the .786 (4417) fib-retrace beginning at August 2015 at the beginning of that same uptrend line. I would expect BTC to test this line and touch at least one more time, but probably more during this period. This appears to be causing some consolidation, and on the smaller time-scale, it reveals itself to be a broadening descending wedge, a bullish signal. With the panic-selling that has occurred, this also coincided with many major markets losing a lot of ground this week. DJI down 3% plus for the week. NDX down 4% plus. But they are both beginning to rebound already. The panicking investors have swung the pendulum far to the oversold position...lowest RSI on the daily...ever. With all these factors, I am seeing cause for short term bounce, and a long term growth period continuing upward on the black trend line. As show, this line is a steady march upward.
Projections are that we remain between 4000-5000 for the remainder of 2018 and we won't see 10,000 again until next November. Hold on to those coins! Growth is coming.
Have a Great Day!
Projections are that we remain between 4000-5000 for the remainder of 2018 and we won't see 10,000 again until next November. Hold on to those coins! Growth is coming.
Have a Great Day!
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Looking for another touch of the uptrend line, maybe two before we get back to 5000.
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There’s the second touch.